The domestic debt trap: Why local debt can be more dangerous than foreign debt

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Egypt’s debt problem isn’t just about foreign loans — the real danger can hide inside the country. In this episode, we break down domestic debt vs. external debt, explain rollovers, interest burden, and why high-yield local borrowing can quietly drain the budget. We also connect the dots to hot money in Egyptian T-bills: why it flows in, why it can leave overnight, how that pressures the EGP, and how a weaker currency makes USD-denominated debt more expensive. Clear definitions, real-world logic, and the full chain reaction — explained step by step.